Daily Management Review

Vietnam to legalize bitcoin in 2018


Vietnam is going to legitimize bitcoin and recognize it as an official means of payment by 2018, the regional news agency VNA reports. Prime Minister Nguyen Xuan Phuc instructed the Central Bank of Vietnam, the Ministry of Finance and the Ministry of Public Security to develop a regulatory regime for the use of crypto currency.

BTC Keychain
BTC Keychain
In 2014, representatives of the Central Bank of Vietnam spoke about the risks that can be incurred by crypto-currencies. Now, however, the country's leadership intends to integrate the crypto-currency into the government system.

The Prime Minister expressed his concern over the progress of work on the legislative norms for crypto-currencies. "The Ministry of Justice should coordinate its work with other institutions, which are related to new terms, which will help to better integrate crypto-currencies into society." The Ministry of Justice needs to work out a special issue together with the National Bank of Vietnam, with a thorough check of the position of the crypto-currency, and the proposal of changes that will make it possible to build a better structure. "

It is expected that the government will complete assessment of the legalization of bitcoin by next August. All legal documents will be prepared by the end of 2018. In addition, officials will also develop a new tax regime for crypto-currencies. By June 2019, it will be finally clear how users of crypto-currencies will pay taxes.

The final problem faced by the Vietnamese authorities concerns investors. The legislative framework will contain tools to protect investors from fraud. This step will also help protect and identify property rights, ensure an equitable distribution of the rules relating to the functioning of crypto-currency in private translation companies.

source: reuters.com